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Emphasizing Local Production and Tax Expansion for Sustainable Economic Growth in Ghana: Insights from Deloitte Ghana’s Country Managing Partner at the 2023 CEO Summit

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Ghana’s economy has been facing unprecedented challenges due to ongoing global and economic difficulties, and innovative solutions are required to address them. Deloitte Ghana’s Country Managing Partner, Daniel Kwadwo Owusu, has identified the domestication of products and services and the expansion of the tax net as two crucial factors that can significantly contribute to sustainable macroeconomic growth and sovereignty.

According to Owusu, a domestication strategy that focuses on the production and consumption of locally produced goods and services will help reduce the country’s dependence on imported products. This, in turn, creates job opportunities, enhances the country’s balance of trade, and adds value to the nation’s exports.

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In addition, Owusu highlighted the need to expand the tax net by increasing the number of tax-paying individuals and businesses. This can be achieved by making the tax system more efficient and transparent through technology and digitalization and by creating incentives for people to pay their taxes.

At Deloitte, we believe that sustainable corporate governance, digital industrial transformation, and economic sovereignty are key to unlocking new opportunities for growth and prosperity. We need to expand our tax net by increasing the formalization of our economy through digitalization. This will help boost internal revenue generation and reduce reliance on external borrowing and funding support.

Moreover, he emphasized the need to ensure that borrowed funds are invested in projects that will expand the productive capacity of the economy, making corruption a more costly and risky venture and leveraging the Africa Continental Free Trade Area (AfCFTA) to trade with other African countries.

The Ghana CEO Summit’s seventh edition is slated for May 22, 2023. The event, themed “Economic Sovereignty, sustainable corporate governance and digital industrial transformation: New Paths for growth and Prosperity – A Private-Public sector CEO Dialogue & Learning,” will offer innovative and actionable solutions, lead discussions around game-changing public policies, and advocate for the best growth-oriented practices to help Ghana move forward.

Ernest De-Graft Egyir, founding Chief Executive Officer of the Ghana CEO Network, called for government collaboration with relevant stakeholders, including the CEO Network of Ghana, to restore Ghana’s economy and strive to achieve sustainable economic sovereignty.

Moses Kwesi Baiden, CEO of Margins ID Group and Chairman of the occasion, highlighted the impact of supply shocks and high inflation rates on business owners and discouraged consumers due to the reduced purchasing power of the Ghana cedi. He emphasized the need for collaboration across sectors to resolve the national crisis. The 2023 CEO summit aims to facilitate this collaboration.

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